Ontario-based Canopy Growth Corporation (TSX: WEED) announced Q3 fiscal 2018 results, including record revenue and strong growth in Canada and Germany.
Among the results:
- Revenue of $21 million, up 23%
- Oil sales, including gel caps, accounted for 23% of revenue
- Active patients increased 10% to 69,000
- Kilograms sold rose 15% to 2,330kgs
- Average selling price per gram rose 4% to $8.30
- Cost per gram dropped 18%
- Record Germany quarterly sales of $1 million, all from domestic Canadian production
- Average price in Germany of $12.61 per gram
- Year-over-year registered patient growth of 138% and revenue growth of 123%
- Multi-year supply agreements with four provinces totaling 25,000 kgs per year
- Raised $245 million in deal with Constellation Brands
- Raised $201 million in bought deal financing
“The Company’s record revenues in the quarter were driven by a significant increase in domestic sales across all product formats as well as sales in the German medical market…” said Bruce Linton, Chairman & CEO. “Success…will depend not only on capacity, but on strong execution and securing supply agreements with the provinces. With millions of square feet of production expansion underway across the country and around the world…we will ensure a sufficient and timely flow of supply….,” he added.